Following Saddle Finance and Spirit Swap, another DeFi project is shutting down. Hundred Finance, a multi-chain leading protocol on Optimism, declared a shutdown following a special vote. The poll, starting on July 26, raised the question of whether or not the project should sunset its lending services and compensate mveHND impacted by the latest hack. It ended on August 9 with 99.07% voting to shut down Hundred Finance. As part of the process, victims of the hack in April will need to join the project’s Discord and stay updated in the general channel. The project has acknowledged that the current assets available are insufficient to compensate those impacted by the losses incurred fully. To address this, a proposal has been put forth, subject to approval by the DAO, that seeks to allocate existing funds to the affected individuals directly. The allocation plan will include an immediate distribution of 1.1M USDC and 391,811 ARB, a distribution of 191,449 OP based on consensus, an auction of Velodrome’s VeNFT, and a delivery of assets recovered from the hack. The protocol was under attack in April, resulting in a total loss of $7.4 million. While the specific details of the attack’s execution were not fully disclosed, blockchain security firm CertiK indicated that it was a flash loan attack.
Full story : Following Saddle Finance and Spirit Swap, another DeFi project is shutting down. Is this the end of Decentralization?
